Economic Outlook & Uncertainty - The industry faces very high uncertainty regarding inflation levels and labor market softening [1][2] - Rate paths are data dependent, and various scenarios can justify different paths [1] - Rate cut paths reflect an expectation that cuts will become appropriate, considering the uncertainty [2] Monetary Policy - The industry is assessing numerous scenarios with different combinations of inflation and labor market conditions [1] - No one holds rate path predictions with strong conviction [1] - Rate path predictions are updated quarterly [1]